ED records Bhatia's statement under PMLA

The Enforcement Directorate (ED) on Tuesday recorded the statement of Punjab minister Fauja Singh Bhatia in connection with a money laundering case

The Enforcement Directorate (ED) on Friday recorded the statement of former Punjab minister Tripat Rajinder Singh Bajwa in connection with a money laundering case linked to alleged fraudulent investments and layering of funds, officials said. The agency is probing the matter under the Prevention of Money Laundering Act (PMLA).

The ED had earlier conducted searches at multiple locations in Punjab and Delhi in connection with the case. The agency had said the case pertains to "fraudulent investments and layering of funds" to the tune of over Rs 100 crore.

The ED had said in a statement that it had initiated the investigation on the basis of an FIR registered by the Punjab Police against Bajwa and others under various sections of the IPC and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

"During the course of investigation, it was found that Bajwa and others had collected huge amounts of funds from gullible investors on the pretext of providing them high returns in a short span of time. The collected funds were then layered through multiple shell companies and ultimately siphoned off abroad," the ED had alleged.

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